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When can I start filing my taxes?

When Can I Start Filing Taxes?

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Its Tax Time….

Contact us today at 850-435-8844 or send us a message at support@pharrcpa.com!

The IRS starts accepting tax returns this year on Jan. 27. If you’re anticipating a refund, you may want to start filing as soon as possible.

You’ll need to wait until you receive the necessary forms, such as your W-2 income statement and 1099 forms which detail your earnings from various sources this year. If you claim the earned income tax credit or additional child tax credit, your refund may be a little slower because those credits have historically been taken advantage of by fraudsters, so the IRS takes additional time to review those returns.

How Much Do I Have to Make to File Taxes?

Your requirement to file taxes depends on your tax status. For taxes on 2019 income, single filers under age 65 must file taxes if they earn more than $12,200. Filers under 65 who are married and filing jointly must file if they earn more than $24,400. The cutoff for heads of household younger than 65 is $18,350. If you can be claimed as a dependent, then you must file if you have earned income of more than $12,200. Dependents under the age threshold who report both earned and unearned income can claim a standard deduction of $1,100 or earned income plus $350 (up to $12,200), whichever is greater.

Contact us today at 850-435-8844 or send us a message at support@pharrcpa.com!